# FTI CAPITAL ADVISORS, LLC X-17A-5 (2026-04-03) — Broker-dealer annual report - Company: FTI CAPITAL ADVISORS, LLC - Form: X-17A-5 - Filed: 2026-04-03 - Period: 2025-12-31 - Accession: 0001194643-26-000003 - CIK: 1194643 - File #: 8-65587 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG, LLP - Auditor location: McLean, VA - Contact: Charles W Eaton - Phone: 4435273836 - Email: charles.eaton@fficonsulting.com - Website: fficonsulting.com - Signed by: Charles W Eaton (Financial Operations Principal) Original filing: https://www.sec.gov/Archives/edgar/data/1194643/000119464326000003/0001194643_x17a5_20251231.pdf --- {0}------------------------------------------------ # AMENDED GENERAL ASSESSMENT FORM For the fiscal year ended 12/31/2025 | | Determination of "SIPC NET Operating Revenues" and General Assessment for: | | |---|------------------------------------------------------------------------------------------------------------------------------------|------------------| | | MEMBER NAME
SEC No.
FTI CAPITAL ADVISORS LLC
8-65587 | | | | and ending 12/31/2025
1/1/2025
For the fiscal period beginning | | | 1 | Total Revenue (FOCUS Report - Statement of Income (Loss) - Code 4030) | \$ 19,812,667.00 | | 2 | Additions: | | | | a Total revenues from the securities business of subsidiaries (except foreign | | | | subsidiaries) and predecessors not included above. | | | | b Net loss from principal transactions in securities in trading accounts. | | | | c Net loss from principal transactions in commodities in trading accounts. | | | | d Interest and dividend expense deducted in determining item 1. | | | | e Net loss from management of or participation in the underwriting or
distribution of securities. | | | | f Expenses other than advertising, printing, registration fees and legal fees | | | | deducted in determining net profit management of or participation in | | | | underwriting or distribution of securities. | | | | g Net loss from securities in investment accounts. | | | | h Add lines 2a through 2g. This is your total additions. | \$ 0.00 | | 3 | Add lines 1 and 2h | \$ 19,812,667.00 | | 4 | Deductions: | | | | a Revenues from the distribution of shares of a registered open end investment | | | | company or unit investment trust, from the sale of variable annuities, from the | | | | business of insurance, from investment advisory services rendered to | | | | registered investment companies or insurance company separate accounts
and from transactions in security futures products. | | | | b Revenues from commodity transactions. | | | | c Commissions, floor brokerage and clearance paid to other SIPC members | | | | in connection with securities transactions. | | | | d Reimbursements for postage in connection with proxy solicitations. | | | | e Net gain from securities in investment accounts. | | | | f 100% commissions and markups earned from transactions in (1) certificates | | | | of deposit and (ii) Treasury bills, bankers acceptances or commercial paper
that mature nine months or less from issuance date. | | | | g Direct expenses of printing, advertising, and legal fees incurred in connection | | | | with other revenue related to the securities business (revenue defined by | | | | Section 16(9)(L) of the Act). | | | | h Other revenue not related either directly or indirectly to the securities business. | | | | Deductions in excess of \$100,000 require documentation | | | | 5 a Total interest and dividend expense (FOCUS Report - Statement | | | | of Income (Loss) - Code 4075 plus line 2d above) but | | | | not in excess of total interest and dividend income | | | | b 40% of margin interest earned on customers securities accounts | | | | (40% of FOCUS Report - Statement of Income (Loss) - | | | | Code 3960) | | | | \$ 0.00
c Enter the greater of line 5a or 5b | | | 6 | Add lines 4a through 4h and 5c. This is your total deductions. | \$ 0.00 | | 1 | Subtract line 6 from line 3. This is your SIPC Net Operating Revenues. | \$ 19,812,667.00 | {1}------------------------------------------------ SIPC-7A 37 REV 0722 # AMENDED GENERAL ASSESSMENT FORM For the fiscal year ended 12/31/2025 | 8 | | Multiply line 7 by .0015. This is your General Assessment. | | | \$ 29,719.00 | |--------------------|-------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|--------------|--------------| | の | | Current overpayment/credit balance, if any | | | \$ 0.00 | | 10 | | General assessment from last filed 2025 SIPC-7 or 7A | | \$ 29,873.00 | | | | c Any other overpayments applied
f Add lines 11a through 11e | 11 a Overpayment(s) applied on all 2025 SIPC-6 and 6A(s)
b Overpayment(s) applied on all 2025 SIPC-7 and 7A(s)
d All payments applied for 2025 SIPC-6 and 6A(s)
e All payments applied for 2025 SIPC-7 and 7A(s) | \$ 0.00
\$ 0.00
\$ 0.00
\$ 11,303.00
\$ 18,570.00 | \$ 29,873.00 | | | 12 | LESSER of line 10 or 11f. | | | | \$ 29.873.00 | | 13 | a Amount from line 8 | | | \$ 29,719.00 | | | | b Amount from line 9 | | | \$ 0.00 | | | | c Amount from line 12 | d Subtract lines 13b and 13c from 13a. This is your assessment balance due. | | \$ 29,873.00 | (\$ 154.00) | | 14 | Interest (see instructions) for 22 days late at 20% per annum | | | | \$ 0.00 | | 15 | | Amount you owe SIPC. Add lines 13d and 14. | | | \$ 0.00 | | | | 16 Overpayment/credit carried forward (if applicable) | | | (\$ 154.00) | | SEC No.
8-65587 | MEMBER NAME
MAILING ADDRESS | Designated Examining Authority
DEA: FINRA
FTI CAPITAL ADVISORS LLC
555 12TH ST NW 7TH FLR
WASHINGTON, DC 20004 | FYE
2025 | Month
Dec | | Subsidiaries (S) and predecessors (P) included in the form (give name and SEC number) on By checking this box, you certify that you have the authority of the SIPC member to sign this form; that all information in this form is true and complete; and that on behalf of the SIPC member, you are authorized, and do hereby consent, to the storage and handling by SIPC of the data in accordance with SIPC's Privacy Policy | FTI CAPITAL ADVISORS LLC | Chuck Eaton | |--------------------------|---------------------------------| | (Name of SIPC Member) | (Authorized Signatory) | | 3/24/2026 | charles.eaton@fficonsulting.com | | (Date) | (e-mail address) | Completion of the "Authorized Signatory" line will be deemed a signature. This form and the assessment payment are due 60 days after the end of the fiscal year. {2}------------------------------------------------ ![](_page_2_Picture_0.jpeg) KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 # **Report of Independent Registered Public Accounting Firm** To the Member and the Management Committee FTI Capital Advisors, LLC: In accordance with Rule 17a-5(e)(4) under the Securities Exchange Act of 1934 and with the Securities Investor Protection Corporation (SIPC) Series 600 Rules, we have performed the procedures enumerated below with respect to the accompanying General Assessment Form (Form SIPC-7) of FTI Capital Advisors, LLC (the Company) for the year ended December 31, 2025. The Company's management is responsible for its Form SIPC-7 and its compliance with the applicable instructions on Form SIPC-7. Management of the Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting you and the SIPC in evaluating the Company's compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Additionally, the SIPC has agreed to and acknowledged that the procedures performed are appropriate for their intended purpose. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The sufficiency of these procedures for the intended purpose is solely the responsibility of those parties specified in this report and we make no representation regarding the sufficiency of the procedures described below either for the intended purpose or for any other purpose. The procedures and the associated findings are as follows: - 1. Compared the listed assessment payments in Form SIPC-7 with respective cash disbursement records entries, and noted no differences; - 2. Compared the Total Revenue amount reported on the Annual Audited Form X-17A-5 Part III for the year ended December 31, 2025, with the Total Revenue amount reported in Form SIPC-7 for the year ended December 31, 2025, and noted no difference; - 3. Compared any adjustments reported in Form SIPC-7 with supporting schedules and working papers, and noted no differences; - 4. Recalculated the arithmetical accuracy of the calculations reflected in Form SIPC-7 and in the related supporting schedules and working papers supporting the adjustments, and noted no differences; and - 5. Compared the amount of any overpayment applied to the current assessment with Form SIPC-7 on which it was originally computed, and noted no difference. We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants and in accordance with the standards of the Public Company Accounting Oversight Board (United States). {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) We were not engaged to, and did not, conduct an examination or a review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the Company's Form SIPC-7 and for its compliance with the applicable instructions on Form SIPC-7 for the year ended December 31, 2025. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. This report is intended solely for the information and use of the Company and the SIPC and is not intended to be and should not be used by anyone other than these specified parties. ![](_page_3_Picture_4.jpeg) McLean, Virginia March 26, 2026 {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) FTI Capital Advisors, LLC 8251 Greensboro Drive 4th floor McLean, VA 22102 571.405.3326 www.fticonsulting.com # FTI Capital Advisors, LLC. Exemption Report FTI Capital Advisors, LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. §240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following: - (1) The Company does not claim an exemption under paragraph (k) of 17 C.F.R. § 240. 15c3-3, and - (2) The Company is filing this Exemption Report relying on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and providing general business and advisory services, and the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers, did not carry accounts of or for any customers of any kind; and did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception. # FTI Capital Advisors, LLC I, \_Jeffrey C Bogushefsky\_\_, swear (or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. # By: \_**Jeffrey C. Bogushefsky**\_ Title: Vice President, Financial Operations March 26, 2026 {5}------------------------------------------------ ![](_page_5_Picture_0.jpeg) KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 # **Report of Independent Registered Public Accounting Firm** To the Member and the Management Committee FTI Capital Advisors, LLC: We have reviewed management's statements, included in the accompanying FTI Capital Advisors, LLC Exemption Report (the Exemption Report), in which (1) FTI Capital Advisors, LLC (the Company) did not claim an exemption under paragraph (k) of 17 C.F.R. § 240.15c3-3 and (2) is filing the Exemption Report pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 because the Company limits its business activities exclusively to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and providing general business and advisory services, and the Company did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 15c3-3) (together, the exemption provisions). We have also reviewed management's statements, included in the Exemption Report, in which the Company stated that it met the identified exemption provisions throughout the year ended December 31, 2025 without exception*.* The Company's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, pursuant to footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. ![](_page_5_Picture_7.jpeg) McLean, Virginia March 26, 2026 {6}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden ho # ANNUAL REPORTS FORM X-17A-5 PART III | ours per response. Iz | | |-----------------------|--| | | | | SFC FILE NUMBER | | | FACING PAGE | | | | | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------------------------------------|-----------------|--| | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | ______________________________________________________________________________________________________________________________________________________________________________
filing for the period beginning 01/01/25 | | | | | | | MM/DD/YY | | MM/DD/YY | | | | A. REGISTRANT IDENTIFICATION | | | | | NAME OF FIRM. FTI Capital Advisors, LLC | | | | | | TYPE OF REGISTRANT (check all applicable boxes):
_ Broker-dealer _____ Security-based swap dealer ___ Major security-based swap participant
Check here if respondent is also an OTC derivatives dealer | | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | | | 555 12th Street NW, Suite 700 | | | | | | | (No. and Street) | | | | | Washington | DC | | 20004 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Jeffrey C Bogushefsky | | jeffrey.bogushefsky@fticonsulting.com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
KPMG | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 8350 Broad Street | McLean | VA | 22105 | | | (Address) | (City) | (State) | (Zip Code) | | | | | 185 | | | | (Date of Registration with PCAOB)(if applicable)
(PCAOB Registration Number, if applicable) | | | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | | \* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {7}------------------------------------------------ # OATH OR AFFIRMATION swear (or affirm) that, to the best of my knowledge and belief, the I Jeffrey C Bogushefsky financial report pertaining to the firm of FTI Capital Advisors, LLC as of the control control of the consideration of the past of 12/31 2 025 , is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer. Signature FINOF # This filing \*\* contains (check all applicable boxes): - = (a) Statement of financial condition. - [ (b) Notes to consolidated statement of financial condition. - @ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - = (d) Statement of cash flows. - @ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - [ (f) Statement of changes in liabilities subordinated to claims of creditors. - @ (g) Notes to consolidated financial statements. - [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - [ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - @ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - □ {k} Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [m] Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - [ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - | | | Oath or affirmation in accordance with 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - |s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - [t] Independent public accountant's report based on an examination of the statement of financial condition. - [u] Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - | (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CFR 240.18a-7, as applicable. - | |x| Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable. - | (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {8}------------------------------------------------ # FTI CAPITAL ADVISORS, LLC Financial Statements and Supplemental Information December 31, 2025 (With Report of Independent Registered Public Accounting Firm Thereon) {9}------------------------------------------------ # **&\$** | &1<;>@;2:01<1:01:@&135?@1>10%A.85///;A:@5:35>9 | | |-------------------------------------------------------------------------------------------------------|--| | 5:-:/5-8'@-@191:@? | | | '@-@191:@;25:-:/5-8;:05@5;:-?;21/19.1> | | | '@-@191:@;2\$<1>-@5;:?2;>@41E1->1:0101/19.1> | | | '@-@191:@;24-:31?5:"19.1>K?=A5@E | | | '@-@191:@;2-?48;C? | | | #;@1?@;5:-:/5-8'@-@191:@? | | | 2--)\$*\$+1 )+%,/* 1(,+ | | | '/410A81H;9'&A81 / | | | '/410A81H;91@1>95:-@5;:;2&1?1>B1&1=A5>191:@?2;>>;71>1-81>?A:01>'
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%A>?A-:@@;'&A81 / | | {10}------------------------------------------------ ![](_page_10_Picture_0.jpeg) KPMG LLP Suite 900 8350 Broad Street McLean, VA 22102 # **Report of Independent Registered Public Accounting Firm** To the Member and the Management Committee FTI Capital Advisors, LLC: # *Opinion on the Financial Statements* We have audited the accompanying statement of financial condition of FTI Capital Advisors, LLC (the Company) as of December 31, 2025, the related statements of operations, changes in member's equity, and cash flows for the year then ended, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. # *Basis for Opinion* These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. # *Accompanying Supplemental Information* The supplemental information contained in Schedules I, II, and III has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the responsibility of the Company's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, the supplemental information contained in Schedules I, II, and III is fairly stated, in all material respects, in relation to the financial statements as a whole. We have served as the Company's auditor since 2006. McLean, Virginia March 26, 2026 {11}------------------------------------------------ # FTI Capital Advisors, LLC # Statement of Financial Condition # December 31, 2025 | Assets | | |---------------------------------------|-----------------| | Cash | 15,132,153
A | | Accounts receivable, net | 2,736,542 | | Notes receivable from employees | 686,795 | | Prepaid expenses and other assets | 29,744 | | Total assets | \$ 18,585,234 | | | | | Liabilities and Member's Equity | | | Due to parent | ಕಿತ
6,086 | | Unearned income | 115,118 | | Accrued compensation and other | 4,011,843 | | Total liabilities | 4,133,047 | | | | | Member's equity | 14,452,187 | | Total liabilities and member's equity | \$ 18,585,234 | See accompanying notes to financial statements. {12}------------------------------------------------ ### '@-@191:@;2\$<1>-@5;:? ### ,1->:0101/19.1> | /,%\$00(,+ ) #3(0,/50\$/3("\$0/\$3\$+2\$ | | |------------------------------------------|------| | | | | 4-\$+0\$0 | | | 9<8;E11/;9<1:?-@5;:-:0>18-@10.1:125@? |
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| '11-//;9<-:E5:3:;@1?@;25:-:/5-8?@-@191:@? {13}------------------------------------------------ # FTI Capital Advisors, LLC # Statement of Changes in Member's Equity Year Ended December 31, 2025 | Balance at December 31, 2024 | \$ 8,651,890 | |------------------------------|---------------| | Net income | 5,800,297 | | Balance at December 31, 2025 | \$ 14,452,187 | See accompanying notes to financial statements. {14}------------------------------------------------ ### '@-@191:@;2-?48;C? ### ,1->:0101/19.1> | -\$/ 1(+& "1(3(1(\$0 | | |------------------------------------------------------------------|------| | #1@5:/;91 |
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| | -?4-@1:0;2E1-> | | '11-//;9<-:E5:3:;@1?@;25:-:/5-8?@-@191:@? {15}------------------------------------------------ #### FTI Capital Advisors, LLC #### Notes to Financial Statements #### (1) Organization and Significant Accounting Policies ### (a) Organization FTI Capital Advisors, LLC (the Company), a Maryland limited liability company, acts as a financial advisor and an investment bank for private and public company is a wholly owned subsidiary of FTI Consulting, Inc. (FT Consulting). FTI Consulting is a leading global business advisory firm dedicated to helping organizations protect and enhance their enterprise value. FTI Consulting operates through five reportable segments: Corporate and Litigation Consulting, Economic Consulting, Technology, and Strategic Communications. The Corporate Finance segment. The Company obtains all of its management and administrative services from FTI Consulting pursuant to a management service agreement (Note 2). Further, FTI Consulting provides financial support in the form of member equity contributions or forgiveness of intercompany payables, when needed, to allow the Company to maintain compliance with regulatory net capital requirements and working capital to allow the Company to fund its operations. FTI Consulting intends to continue to support the operations of the Company indefinitely. In the absence of this significant direct support, the Company would be required to seek alternative funding, which may not be available or may need to curtail its operations. The Company is registered as a broker/dealer with the Securities and Exchange Commission (SEC) and is a member firm of the Financial Industry Regulatory (FINRA). The Company is not subject to the requirements of the Customer Protection Rule (Securities and Exchange Commission (SEC) Rule 15c3-3) because the Company's business are limited to those set forth in the conditions for exemption appearing in Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5. ### (b) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. #### (c) Revenue Recognition The Company derived its revenue from professional advisory services for the year ended December 31, 2025. Most of our advisory services are based on one of the following contract arrangement types: fixed-fee arrangements, contingent fee arrangements, or time and material arrangement type, generally these arrangement type, generally have one performance obligation. Fixed-fee arrangements require the client to pay a fixed fee in exchange for a predetermined set of professional services. Time and expense arrangements require the client to pay us based on the number of hours worked at contractually agreed-upon rates. We recognize revenue for time and expense contract arrangements based on hours incurred and contracted rates utilizing a right-to-invoice practical expedient because we have a right to consideration for services completed to date. When a time and expense arrangement has a not-to-exceed or "cap" amount and we expect to perform work in excess of the cap, we recognize revenue up to the cap amount specified by the client. The Company's contracts typically include termination clauses exercisable by either party without penalty. Certain contract arrangements discussed above include contingent fee arrangements, which are based on the attainment of contractually-defined objectives with our client, such as completing a business transaction or assisting the clieving a specific business objective. Regardless of the base arrangement type, the Company's engagements are typically a duration of one year or less, with no material differences inside a reporting period in the nature, timing, and uncertanty of revenues and cash flows, outside of any contingent fees. Revenue from arrangements with contingent fees was \$12,907,675 for the year ended December 31, 2025. For such arrangements, we recognize revenue earned to date in an amount that is probable not to reverse and by applying the proportional performance method when the criteria for over time recognition are met. Variable consideration to be included in the transaction price is estimated using the expected value method or the most likely amount method based on facts and circumstances. #### (d) Accounts Receivable, Expected Credit Losses and Concentration of Risk Timing of revenue recognition often differs from the timing of billing to our customers. If we have an unconditional right to invoice and receive payment for goods or services already provided, we record billed and unbilled receivables on our statement of financial condition. For the year ended December 31, 2025, we had \$2,456,397 and \$666,338 of billed and unbilled receivables, respectively. These balances are recorded in "Accounts receivable, net," net of the allowance for expected credit losses of \$386,193, in the statement of financial condition. For the year ended December 31, 2024, the allowance for expected credit losses was \$499,474. Our accounts receivable are not collateralized. {16}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